Swipe through the latest business and wealth clues with our android app

Cabinet nod to India-Japan $75 billion swap arrangement

The Cabinet on Thursday approved a $75-billion bilateral swap arrangement (BSA) between India and Japan. The move will enhance RBI's ability to manage exchange rate volatility. "The swap arrangement is an agreement between India and Japan to essentially exchange and re-exchange a maximum amount of USD 75 billion for domestic currency, for the purpose of maintaining an appropriate level of balance of payments for meeting short-term deficiency in foreign exchange," the release said. The arrangement will also improve the prospects of Indian companies to raise foreign capital as there would be greater confidence in the country's exchange rate stability. 

Read More at Business Today News date : 11 Jan 2019, Friday

©2019 TheNewsClues